Key Observations:
Support Zone (Highlighted in Green):
A demand zone has been marked between 1.2625 and 1.2639, indicating previous buying interest.
The user is waiting for the price to reach this area before considering a buy trade.
Resistance Zone (Highlighted in Green):
A supply zone near 1.2720 shows prior selling pressure, marking a significant level for potential profit-taking.
Market Structure:
The price has completed a zigzag pattern, making higher highs and higher lows, followed by a corrective move downward.
The downward move suggests a retracement toward the support zone.
Buying Strategy:
The user plans to execute a buy trade near 1.2639, expecting a reversal in this demand zone.
They anticipate the price rebounding toward the resistance zone.
Potential Scenarios:
Bullish Reversal:
If the price reacts positively at 1.2639–1.2625, it could trigger a strong upward move toward the 1.2700–1.2720 zone.
Break Below Support:
If the price fails to hold above 1.2625, it may signal further bearish momentum, invalidating the buy setup.
Key Levels:
Support: 1.2625–1.2639 (Demand zone)
Resistance: 1.2700–1.2720 (Supply zone)
Recommendations:
Monitor price action closely near the demand zone.
Look for bullish reversal patterns (e.g., engulfing candles, double bottoms) before entering a buy trade.
Set a stop-loss below 1.2620 to manage risk.
Support Zone (Highlighted in Green):
A demand zone has been marked between 1.2625 and 1.2639, indicating previous buying interest.
The user is waiting for the price to reach this area before considering a buy trade.
Resistance Zone (Highlighted in Green):
A supply zone near 1.2720 shows prior selling pressure, marking a significant level for potential profit-taking.
Market Structure:
The price has completed a zigzag pattern, making higher highs and higher lows, followed by a corrective move downward.
The downward move suggests a retracement toward the support zone.
Buying Strategy:
The user plans to execute a buy trade near 1.2639, expecting a reversal in this demand zone.
They anticipate the price rebounding toward the resistance zone.
Potential Scenarios:
Bullish Reversal:
If the price reacts positively at 1.2639–1.2625, it could trigger a strong upward move toward the 1.2700–1.2720 zone.
Break Below Support:
If the price fails to hold above 1.2625, it may signal further bearish momentum, invalidating the buy setup.
Key Levels:
Support: 1.2625–1.2639 (Demand zone)
Resistance: 1.2700–1.2720 (Supply zone)
Recommendations:
Monitor price action closely near the demand zone.
Look for bullish reversal patterns (e.g., engulfing candles, double bottoms) before entering a buy trade.
Set a stop-loss below 1.2620 to manage risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.